Vietnamese Taxi Firm Green SM Launches in Sweden with 2,500 Vehicle Permits Amid Industry Concerns

Vietnamese-based Green SM is making a significant entry into the Swedish taxi market with approval for 2,500 traffic permits. Hundreds of its distinctive turquoise electric vehicles have already been registered, with 400 alone added in October, and are currently seen parked in an industrial area north of Stockholm as the company prepares to launch operations.

Green SM is part of Vingroup, owned by Southeast Asia's wealthiest individual, Pham Nhat Vuong, and was established in March 2023. The company describes its Swedish venture as a long-term investment focused on delivering secure, high-quality, and environmentally friendly taxi services to support Sweden’s green transport goals. Green SM’s entry introduces new competition, challenging established providers like Taxi Stockholm, which operates approximately 1,900 cars, and ride-hailing platforms Uber and Bolt.

The industry reaction has been mixed; Taxi Stockholm and labor unions have expressed concerns about potential market oversaturation and price dumping, which might threaten local drivers’ livelihoods. Mats Andersson from the Transport union highlighted worries over the impact of a large, well-capitalized foreign competitor entering the market.

In response, Richard Nabil Chahine, Green SM’s European head, emphasized the company’s commitment to respecting Swedish laws, labor market norms, and employees’ rights to unionize. He expressed openness to dialogue with labor organizations to develop fair working conditions and long-term employment relationships. Exact figures for overall fleet size and driver numbers have yet to be disclosed.

Green SM’s establishment marks a notable development in Sweden’s taxi industry, blending significant capital investment with a stated ambition to reconcile market competitiveness and labor cooperation as it seeks to expand.